In order to improve America’s relation with the Muslim world, the administration of President Barack Hussein Obama has launched a multi-million dollar fund to achieve technological development in Muslim countries.

The objective of the “Muslim Technology Fund “ is to help catalyse and facilitate private sector investments that promote access to and growth of technology.

The Fund is part of an on-going U.S. government effort to expand partnerships that advance economic opportunity and job creation in Muslim-majority countries."

The Technology Fund would be providing financing between $25 and $150 million for selected projects

The fund, will focus on areas related to technology, education, telecom, media, business services and financial technology and clean-tech.

Final selections will be announced next June but the proposed projects for the fund should be submitted by the end of November.

The White House said that the effort is part of efforts to bolster relations with the Muslim world.The technology fund fulfills Obama's promise to help achieve technological development in Muslim countries.

In the Cairo speech in June, Obama said "education and innovation will be the currency of the 21st century" and that under-investment was rife in many Muslim nations.

He also promised to host a summit on entrepreneurship this year to deepen ties between business leaders in the US and Muslim communities around the world.In his speech, Obama vowed to forge a "new beginning" with the Muslim world to remove a decade of discord between the two sides.

During the eight-year presidency of Obama's predecessor George W. Bush,America's relations with the Muslim world have been tense,particularly due to so-called “war on terror” which led to the invasion of countries like Afghanistan and Iraq.